GST Registration - Eligibility, Process and Expert Help

   

GST Registration - Eligibility, Process and Expert Help

GST is biggest tax from Indian. It helps to increase business and increasing the taxpayer base in India by bringing in millions of small businesses in India. It helps multiple Tax Payer in one tax form. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST.  Entities without GST registration would not be allowed to collect GST from a customer or claim an input tax credit of GST paid and/or could be penalized. 

GST Turnover Limit :

There are various types of GST registration and some types of entities like casual taxable persons, non-resident taxable persons or persons GST turnover limit for regular GST registration for service providers and goods supplier is provided below.

Service Providers: Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration. In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.

Goods Suppliers: As per notification No.10/2019 any person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration.

Special Category States: Under GST, the following are listed as special category states - Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, and Uttarakhand. 

Aggregate Turnover: Aggregate turnover = (Taxable supplies + Exempt Supplies + Exports + Inter-State Supplies) – (Taxes + Value of Inward Supplies + Value of Supplies Taxable under Reverse Charge + Value of Non-Taxable Supplies).

Voluntary GST Registration :

Any person or entity irrespective of business turnover can obtain GST registration at any-time. In case many businessmen obtain GST registration for aggregate turnover. Same of reasons are follow:

• To improve the business credibility
• To satisfy the requirements of B2B customers
• To claim to input tax credit benefits

GST Registration Responsibilities: 

Entities registered under GST have various responsibilities and compliance requirements from time to time. 

9 Articles to Read Before Obtaining GST Registration : 

GST Turnover Limit :

The Central Government has decided to provide two threshold limits for GST registration for suppliers of goods, Rs.20 lakhs and Rs.40 lakhs. However, each of the individual State Governments must decide on the threshold limit within a week as the State’s revenue is also tied to GST. This decision will now lead to various States having different GST threshold limits overtime

Documents Required for GST Registration :

• PAN Card of the Business or Applicant
• Identity and Address Proof along with Photographs
• Business Registration Document
• Address Proof for Place of Business
• Bank Account Proof
• Digital Signature

GST Registration Certificate

GST registration certificate is provided to persons registered under the GST Act. Entities in India having an annual turnover of more than Rs.20 lakhs in case of service providers and Rs.40 lakhs in case of goods suppliers are required to obtain GST registration. In addition to the aggregate turnover criteria, various other criteria could also make a business liable for GST registration (GST Turnover Limit). You can check GST registration eligibility here. 

GST Invoice Format and Rules

he rollout of GST in 2017 has necessitated changes to the invoice format for millions of businesses. The format for issuing the GST invoice and the related rules are laid out in the GST Tax Invoice, Credit and Debit Notes Rules. 

GST Registration for Branches & Business Verticals

According to the CGST Act, suppliers of taxable goods and services are required to be registered under GST in the State or Union territory, from where the taxable supply of goods or services is made. Further, provisions have been provided in the GST Registration Rules for obtaining GST registration for branches. 

GST Interstate vs Intrastate Supply Meaning

In GST, the terms interstate and intrastate have tremendous significance in the determination of IGST, CGST or SGST. Interstate supply attracts IGST, while intrastate supply attracts CGST and SGST. In this article, we look at the definition of interstate supply and intrastate supply as per the GST Act.

Guide to CGST, SGST, and IGST

GST is a destination tax, meaning the tax base will shift from origin to consumption. Hence, the imports or end-use will be liable to tax and exports or production will be relieved of the burden of the tax. 

GST Composition Scheme

composition Scheme is a simple scheme and an alternative method of levying a tax under GST. Small businesses registered under the GST composition scheme can pay GST at a fixed rate of turnover every quarter and file quarterly GST returns. Composition levy would be generally meant for small taxpayers who are supplying goods and services or both to the end consumer with low turnover. 

GST Return Filing

GST has been implemented in India from 1st July 2017. Und

GST has been implemented in India from 1st July 2017. Under the new GST regime, nearly 1 crore of businesses in India has obtained GST registration. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.